MYR Group, Inc. (NASDAQ:MYRG) Short Interest Up 18.9% in March

MYR Group, Inc. (NASDAQ:MYRG) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 710,382 shares, a growth of 18.9% from the February 26th total of 597,660 shares. Approximately 4.7% of the company’s stock are short sold. Based on an average trading volume of 314,081 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Investors Weigh In On MYR Group

Several institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in shares of MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares during the last quarter. Bank of Montreal Can raised its position in shares of MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after purchasing an additional 50 shares during the last quarter. MAI Capital Management boosted its stake in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares in the last quarter. Inspire Investing LLC boosted its stake in MYR Group by 2.6% in the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after purchasing an additional 56 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Cantor Fitzgerald boosted their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. The Goldman Sachs Group increased their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Finally, Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Stock Up 5.7%

NASDAQ MYRG traded up $15.22 on Tuesday, hitting $282.32. The stock had a trading volume of 455,706 shares, compared to its average volume of 286,284. The business’s fifty day moving average price is $266.42 and its 200 day moving average price is $234.10. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 37.49 and a beta of 1.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group has a 52-week low of $97.72 and a 52-week high of $290.87.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating the consensus estimate of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.99 EPS. Equities research analysts anticipate that MYR Group will post 1.16 earnings per share for the current year.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.